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Infosys, Mindtree, ACC, Hindustan Zinc, Tata Power, Dabur, IndusInd Bank stocks in focus on weekly F&O expiry

Indian benchmark indices are likely to extend losses on Thursday. Nifty futures were trading 54.5 points, or 0.34 per cent lower at 15,918 on the Singapore Exchange, signaling that Dalal Street was headed for a negative start.

Infosys, Mindtree, ACC, Hindustan Zinc, Tata Power, Dabur, IndusInd Bank stocks in focus on weekly F&O expiry
Infosys, Mindtree, ACC, Hindustan Zinc, Tata Power, Dabur, IndusInd Bank stocks in focus on weekly F&O expiry on 14 July

Indian benchmark indices are likely to extend losses on Thursday. Nifty futures were trading 54.5 points, or 0.34 per cent lower at 15,918 on the Singapore Exchange, signaling that Dalal Street was headed for a negative start. “Markets will react to the US inflation data in early trades as that would set the tone for policy action by the US Fed. Besides, weekly derivatives expiry and earnings will keep the volatility high. Participants should maintain caution and continue with stock-specific trading approach,” said Ajit Mishra, VP – Research, Religare Broking. In the previous session, BSE Sensex ended 372.46 points, or 0.69% down at 53,514.15, and the Nifty 50 declined 91.60 points, or 0.57%, to 15,966.70.

Stocks in focus on 14 July, Thursday

Mindtree: Mindtree Ltd on Wednesday reported a 37.3% on-year growth in its consolidated net profit at Rs 471.6 crore for the quarter ending 30 June, 2022 as compared to Rs 343.3 crore in the same quarter last year. Revenue from operations, meanwhile, rose 36.2% to Rs 3,121 crore as compared to Rs 2,291.7 crore in the year-ago period. Ebit margin for the quarter came in at 19.2% as compared to 18.9% in March and 17.7% in the June quarter of 2021. The Bengaluru-based company’s net profit at Rs 471.6 crore translated into a sequential dip of 0.3% (QoQ).

Infosys: Infosys Ltd on Wednesday signed a definitive agreement to acquire Denmark-based BASE life science, a leading technology and consulting firm in the life sciences industry, for up to €110 million (about $111 million). The acquisition is expected to close during the second quarter of FY23. Infosys said BASE will bring “domain experts with commercial, medical, digital marketing, clinical, regulatory, and quality know-how to the company.

Hindustan Zinc: Vedanta group firm Hindustan Zinc on July 13 informed the stock exchanges that its board has approved an interim dividend of Rs 21 per equity share. The company will end up paying a total dividend amounting to Rs 8,873.17 crore for the fiscal year 2022-23. “We wish to inform you that the Board of Directors of the Company through resolution passed by circulation on Wednesday, July 13, 2022 have approved Interim Dividend of Rs 21 per equity share i.e. 1050% on face value of Rs 2 per share for the financial year 2022-23 amounting to Rs 8,873.17 crores,” the regulatory filing stated.

Tata Power: Tata Power-backed wholly-owned subsidiary TP Saurya (TPSL) has received the ‘Letter of Award’ from Solar Energy Corporation of India (SECI) for setting up a 600 MW hybrid (wind and solar) power project in Karnataka. The subsidiary received the LoA through tariff-based competitive bidding followed by an e-Reverse auction. The project will be commissioned within 24 months from the PPA execution date. With the latest win, the total renewables capacity of Tata Power reaches 5,524 MW, with an installed capacity of 3,634 MW and 1,890 MW under various stages of implementation.

Dabur: Dabur India through its subsidiaries has acquired the entire stake in Bangladesh-based Asian Consumer Care from its joint venture partner Advanced Chemical Industries for about Rs 51 crore. Dabur held a 76% stake in the firm before acquisition through its subsidiary Dabur International, while the remaining 24% was held by Advanced Chemical Industries, the company said in a regulatory filing. The company has acquired 24% stake for 60 crore Bangladeshi taka which, according to present exchange rate, comes to around Rs 51 crore.

IndusInd Bank: IndusInd Bank on Wednesday said it will take “appropriate action” against any of its employees if found indulging in any illegitimate transaction related to a case of 2015 being probed by the Enforcement Directorate. “The ED has filed a first information report (FIR) dated July 9 with the Chennai CCB-1 Police Station against some of those entities and few employees of the bank, most of whom have already been separated from the bank,” the lender said in an exchange filing.

Q1 Results today: ACC, Larsen & Toubro Infotech, Angel One, Bombay Burmah Trading Corporation, Butterfly Gandhimathi Appliances, Earum Pharmaceuticals, GTPL Hathway, Shakti Pumps (India), Tata Elxsi, Tata Steel Long Products, and Tiger Logistics (India) will be in focus ahead of quarterly earnings on July 14.

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